14210Re: [LandCafe] Misc taxation Gesell & Johansen
- Oct 25, 2012Quoting k_r_johansen on Thu, 25 Oct 2012 20:45:37 -0000:
Interesting concept. In most cases, owners servicing mortgages would just
use their UIEs as an offset to the LVT and continue making the payments.
If we are talking about a straight swap from income tax to
LVT, most people would theoretically still have the ability to
pay. The problem is, and I admit I'm looking at this from the
Bankster's side, that the collateral just isn't there any more
(assuming capital values do fall, which I believe they will),
and the change in risk has implications. Imagine that the country
suddenly changed systems, and (by the figures I gave), a debt load
of somewhere around 50% of GDP changed from being collateralized
to more or less personal loans, but at an interest of 4%.
Govt. would have to step in as a guarantee in either scheme.
Abolish collateral. Even more than land privilege, that
bankster concept keeps people enslaved. If it isn't
outright security; i.e., something that can be handed over
to the lender, thus entirely discharging the debt; the
debt is unconscionable, and ought to be nullified outright.
Obviously, this also requires concomitant abolition of
Glass-Steagall (FDIC). Write down all deposits in any given
institution proportionate to nullification of its assets.
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